China Braces for "Severe" Flooding on Yangtze River
Severe floods are expected on China's Yangtze River this year due to a strong El Nino weather pattern, state media said, raising the risk of deaths and damage to property and crops along the country's longest waterway. The El Nino conditions are the strongest since records collection began in 1951, and resemble a 1998 weather pattern that flooded the river and killed thousands, the official Xinhua news agency said on Friday, citing vice minister of water resources, Liu Ning.
Schlumberger, Cameron Merger Complete
Schlumberger Limited (NYSE:SLB) announced today that it has closed its merger with Cameron International Corporation. As previously announced, each Cameron stockholder is entitled to receive 0.716 shares of Schlumberger common stock and $14.44 in cash, in exchange for each Cameron share. Schlumberger has issued approximately 138 million shares pursuant to the merger. As a result, former Cameron stockholders own approximately 10% of Schlumberger’s outstanding shares of common stock.
G E Shipping Acquires Product Tanker
The Great Eastern Shipping Company Ltd. (G E Shipping) took delivery of a Newbuilding Medium Range Product Tanker “Jag Punit” of about 49,700 dwt. The company had contracted to buy the ship in December 2012. The vessel is built at STX Offshore & Shipbuilding Co. Ltd., Jinhae, Korea. With the inclusion of the vessel, the Company’s current fleet stands at 32 vessels, comprising 23 tankers (8 crude carriers…